Common use of Continued Compensation Clause in Contracts

Continued Compensation. If Executive's employment terminates before a Control Change Date or after the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's Base Period Income (calculated in accordance with Section 6(e)) shall be paid in twelve equal monthly installments. If Executive's employment terminates during the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's Base Period Income shall be paid in twelve equal monthly installments. Continued Compensation payments to Executive shall commence on the first day of the month following Executive's termination of employment with the Company because of an event described in Section 6(b) or 6(c) and shall continue on the first day of each month thereafter until paid in full, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to Section 6(g).

Appears in 6 contracts

Samples: Employment Continuity Agreement (LSB Bancshares Inc /Nc/), Employment Continuity Agreement (LSB Bancshares Inc /Nc/), Employment Continuity Agreement (LSB Bancshares Inc /Nc/)

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Continued Compensation. If Executive's employment terminates before a Control Change Date or after the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's Base Period Income (calculated in accordance with Section 6(e)) shall be paid in twelve equal monthly installments. If Executive's employment terminates during the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to three times Executive's Base Period Income shall be paid in twelve thirty-six equal monthly installments. Continued Compensation payments to Executive shall commence on the first day of the month following Executive's termination of employment with the Company because of an event described in Section 6(b) or 6(c) and shall continue on the first day of each month thereafter until paid in full, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to Section 6(g).

Appears in 2 contracts

Samples: Employment Continuity Agreement (LSB Bancshares Inc /Nc/), Employment Continuity Agreement (LSB Bancshares Inc /Nc/)

Continued Compensation. If Executive's ’s employment terminates before a Control Change Date or after the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's ’s Base Period Income (calculated in accordance with Section 6(e)) shall be paid in twelve equal monthly installments. If Executive's ’s employment terminates during the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to three times Executive's ’s Base Period Income shall be paid in twelve thirty-six equal monthly installments. Continued Compensation payments to Executive shall commence on the first day of the month following Executive's ’s termination of employment with the Company because of an event described in Section 6(b) or 6(c) and shall continue on the first day of each month thereafter until paid in full, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to Section 6(g).

Appears in 1 contract

Samples: Employment Continuity Agreement (LSB Bancshares Inc /Nc/)

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Continued Compensation. If Executive's ’s employment terminates before a Control Change Date or after the Continued Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c)7, Continued Compensation equal to Executive's ’s Base Period Income (calculated in accordance with Section 6(e)) shall be paid to Executive or his designee in twelve equal monthly installments. If Executive's ’s employment terminates during the Continued Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c)7, Continued Compensation equal to Executive's ’s Base Period Income shall be paid in twelve equal monthly installments. Continued Compensation payments installments to Executive shall commence or his designee, commencing on the first day of the month following Executive's ’s termination of employment with the Company because of an event described in Section 6(b) or 6(c) and shall continue on the first day of each month thereafter until paid in full, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to Section 6(g).

Appears in 1 contract

Samples: Employment Continuity Agreement (LSB Bancshares Inc /Nc/)

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